Finance Committee
Committee Members
Mrs S McCurrach (Chair)
Miss T Nicholls (Head)
Mrs L Woodroffe (Associate member)
Mrs J Eaton
Terms of reference:
- In consultation with the Headteacher, to draft the first formal budget plan of the financial year
- To establish and maintain an up to date 3 year financial plan
- To consider a budget position statement including virement decisions at least termly and to report significant anomalies from the anticipated position to the Governing Body
- To ensure that the school operates within the Financial Regulations of the LA
- To monitor expenditure of all voluntary funds kept on behalf of the Governing Body
- To annually review charges and remissions policies and expenses policies.
- To make decisions in respect of service agreements
- To make decisions on expenditure following recommendations from other committees
- To ensure, as far as is practical, that Health and Safety issues are appropriately prioritised
- To determine whether sufficient funds are available for pay increments as recommended by the Headteacher
- In the light of the Headteacher Performance Management Group’s recommendations, to determine whether sufficient funds are available for increments
- To monitor progress towards the SFVS
- To review Roles and Repsonsibilities, Financial Regulations and Financial Procedures documents
- Additional items which individual Governing Bodies may wish to include
WORK OF THE COMMITTEE 2017 - 18
The committee met in September, January and April
Members were informed of latest information regarding changes to the National Funding Formula and possible implications for the school. They agreed to re-pool some funds to the LA. They discussed the latest Financial Reports from the Finance Patch Officer. They completed benchmarking exercises. They monitored the expenditure and auditing of the private school funds and FOBS funds. They recommended to the Full Governing Body that the Living Wage should be paid where applicable.
In addition, this committee approved expenditure on the Head Teacher Recruitment Package and agreed to maintain the Head Teacher pay range.
The members set limits for Governor expense and recommended the policy for adoption by the Full Governing Body. Together they completed the School Financial Value Standard and discussed the use of PE and Sports funding.
They set a budget for the financial year 2018-19 and recommended its adoption by the Full Governing Body. Member discussed requests for expenditure from other committees and approved expenditure beyond the Head Teacher's approval limit.
